Sunday, November 29, 2020
Home Articles Jay-Z ventures into America’s $130bn cannabis industry with his own brand

Jay-Z ventures into America’s $130bn cannabis industry with his own brand

Christopher Sam
Christopher Sam is a web designer, developer and has advanced knowledge in Search Engine Optimization, Responsive Website Design, Emails Marketing, BULK SMS Messaging, Schema Markup and a certified Google Trainer. He is a creator and editor at Hypercitigh.com, an online digital platform focusing on Credible and Timely news and in Ghana.
- Advertisement -

[ad_1]

The marijuana industry in the U.S. is booming and attracting some of the world’s renowned celebrities and business owners. The industry is estimated to pomp up to $130 billion on an annual basis into the U.S. economy by 2024, according to Marijuana Business Factbook.

Marijuana Business Factbook further estimates legal cannabis sales increased from $38 billion-$46 billion in 2019 to $106 billion-$130 billion by 2024 – a 181% increase. And according to the U.S. Bureau of Economic Analysis, the $130 billion figure is similar to the 2019 gross domestic product of Nebraska’s $129 billion.

- Advertisement -

The profitable nature of the cannabis business has caught the attention of billionaire rapper Jay-Z. Born Shawn Carter, the 22-time Grammy award winner and business mogul recently launched his own cannabis brand, Monogram, in collaboration with the largest vertically-integrated cannabis company in California, Caliva. Prior to launching his own cannabis brand, the African American had served as Chief Brand Strategist for Caliva since July of 2019.

A press statement from the brand says Monogram seeks to “redefine what cannabis means to consumers today. In an effort to provide a more tailored customer experience, the brand will also launch through a best in class e-commerce platform dedicated exclusively to its singular product line.”

According to Monogram’s website, the flower is grown in small batches, “allowing for every plant to receive personalized attention from our expert growers.” It adds that “Our batch-by-batch approach and unique potency designation allow us to highlight the nuances in between harvests and tell you the story of every flower.”

- Advertisement -

Monogram says it has assembled a board of cannabis experts who grade and select every flower by hand. “These luminaries have developed a program of extended humidity control, post-harvest care, trimming and flushing that guarantees our finished product is the best it can be,” it says.

Customers are encouraged to sign up by email to be “first in line for the drop” on the website.

Monogram is the latest of Jay-Z’s businesses. The musician first ventured into business when he launched his clothing line called Rocawear in 1999 and later founded a sports bar chain called the 40/40 Club in 2013. In 2015, he acquired the tech company called Aspiro and also launched Tidal, a music streaming services.

- Advertisement -

Jay-Z also has a stake in French audio tech firm Devialet. The tech firm recently launched wireless earbuds, called Gemini, to rival Apple and Samsung’s dominance in the wireless earphones market.

The rapper is not the only famous name to venture into the cannabis industry with it being legalized in several US states. Others include Snoop Dogg, Whoopi Goldberg and Martha Stewart.



[ad_2]
Source: face2faceafrica.com

- Advertisement -
- Advertisement -

Top Stories

Rishi Sunak’s wife is richer than the Queen: Her shares in family’s tech firm are worth £430million

Rishi Sunak‘s wife has shares in her family’s tech firm that are worth £430million, making her one of Britain’s wealthiest women, it has been...

Western Region: Fire guts properties in Benso

Fire has razed a number of properties in Benso Ahenkro near Tarkwa this morning. Eye witnesses say the fire was sparked by fire from the...

Ghanaian student wins top award in China

At the just ended Shenyang Aerospace International Students Matriculation and International College Student of the Year ceremony, one of Ghana's own international students studying...

3 NDC executives involved in near-fatal car accident

Three National Democratic Congress (NDC) executives in the Eastern Region have been involved in a near-fatal accident while returning from a campaign tour in...